A Blank Rome team successfully represented Prospect Capital Corporation, a NASDAQ-traded business development company, in the sale of its portfolio companies Valley Electric Company, Inc. and Comet Electric, Inc. (collectively, “Valley Electric”), full-service electrical contractors serving commercial, industrial, transportation, heavy civil, and marine markets in California and Washington, to MYR Group, a holding company of leading specialty contractors serving the electric utility infrastructure, commercial, and industrial construction markets in the United States and Canada, for consideration of approximately $328 million (subject to a number of adjustments) plus a potential earnout.
For more information, please read the press release: Prospect Capital Announces Sale of Valley Electric to MYR Group for Expected Gross Proceeds of $328 Million, Achieving a 4.8x Multiple of Invested Capital to Prospect Over Investment Lifetime.
The Blank Rome team was led by Masha Trainor and Erin L. Coppock, with support from Zachary A. Aria, Yelena M. Barychev, Kyle P. Brinkman, Margaret Anne Hill, Nicole L. Johnson, Michael A. Kadlec, Stephanie Kaplan, Justin G. Mapes, Michael J. Medveckus, Alex C. Nisenbaum, Jeffrey M. Rosenfeld, Heather Sonnenberg, Xavier W. Jackson, Melissa A. Griest, Melanie L. Lee, Michael J. Moyer, Stephen M. Pennartz, Melissa A. Scacchitti, Ivy Shapiro, and McKayla Anderson.